I use the same processor, and yes, it can handle 1080p@30fps, with a reasonable margin for game overhead.
Please also run a 6MB test at
http://testmy.net/upload to get an idea of what ACTUAL throughput you have; most ISPs and speedtest.net rate based on 'dead file' transfers, which can run far below your 'rated' speed and spike WAY above it, so long as it averages out in the end.
Livestreaming and multiplayer game network communication rely on
constant throughput though, so the 'burst' rate does you no good at all. For example, I'm rated at 5mbps up, and get that on speedtest. But I only ACTUALLY have between 2.8 and 3.4mbps
constant, depending on network congestion. So I leave myself some room and only cast at 2500kbps.
Yours may be worse, and thereby need more of a margin for error.
Likewise, the Gen1 i7s are kind of pokey compared to the G2 or G3 models... you may need to use the Task Manager and the Set Affinity function to make sure your game and OBS aren't running on the same processor cores; I've had to do that with a few games to ensure smooth play.
I'd also STRONGLY disagree with Will as far as 720p@60 being pointless for low-motion games; it definitely makes them look a LOT more fluid (especially stuff like Super Meat Boy... 30fps is workable, but 60? 60 makes it look GREAT).